Crescent Resources Corp.

Crescent Resources Corp.

September 05, 2007 08:01 ET

Crescent Resources Corp.: Drilling Starts at Oviedo Uranium Project, Paraguay

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2007) - Crescent Resources Corp. (TSX VENTURE:CRC) announces that a 20,000 metre drilling program has commenced on the Oviedo Uranium Project in Paraguay.

This open-hole drilling program will use reverse-circulation drilling equipment in conjunction with a down-hole gamma-ray probe which will give immediate indications of the strength of uranium mineralization. Initial drilling will focus on two areas where historical drilling intercepted significant uranium values. The objective of this program is to verify the historical drill results and expand the areas of uranium mineralization.

The Oviedo property covers over 504,000 hectares in central Paraguay that was subject to extensive uranium exploration between 1976 and 1983. This activity was centered on a large belt of Permo-Carboniferous age continental sandstones that represent the western flank of the Parana Basin. In neighboring Brazil these same sandstones contain numerous uranium occurrences including the Figueira Mine that reportedly produced approximately 19 million pounds of U3O8. Most of the uranium occurrences in this environment are "roll-front" type deposits similar to those being currently exploited by low-cost in-situ leach methods in the western United States. Exploration activity on the Oviedo property ceased in 1983 due to low uranium prices.

Crescent has executed a definitive agreement with the owner and operator of the property Coronel Oviedo Mining Company SA ("Coronel") whereby Crescent can earn an initial 50% in the Oviedo property and up to a 70% interest in the Property by completing a pre-feasibility study by May 16, 2011 (see NR 2006-7 November 3, 2006).

Crescent is a mineral exploration and development company with a defined growth strategy of adding value through discovery and rapid project advancement through exploration. In addition to the Oviedo Uranium Project in Paraguay Crescent also has the Boulder Lake Uranium Project in northern Manitoba and the Matupa Gold Project in Brazil. These projects were acquired based on management's belief that they have the potential for further discovery and growth. The Company has 26.8 million common shares outstanding.


Michael Hopley, President and Chief Executive Officer

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